Verizon Business and Mastercard Partner to Bring 5G to
the Global Payments Industry
- Harnessing Verizon’s 5G connectivity and the power of
the Mastercard network, Verizon Business and Mastercard will work closely
to innovate the future of payments and commerce.
- Companies will work together to deliver solutions such
as immersive retail technology, compelling point-of-sale experiences, and
digital capabilities for small and medium businesses (SMBs).
Verizon Business and Mastercard announced
a strategic partnership expected to drive transformational solutions for the
global payments and commerce ecosystem. From contactless shopping and
autonomous checkout technology to Cloud Point of Sale (POS) solutions,
Mastercard and Verizon Business will collaborate to deliver scalable
innovations that drive the industry forward and create new experiences for
consumers and businesses alike.
Verizon and Mastercard will work
closely to unlock Internet of Things (IoT) sensor connectivity with near
real-time edge computing to power the fintech, payments and banking industries,
in addition to working to arm SMBs with hyper-automated and immersive commerce
experiences. This includes:
- Enabling smartphones or connected devices to seamlessly
accept payment: Mastercard’s commitment to
delivering contactless payments at scale will be coupled with Verizon 5G
to turn certain connected devices into commerce-enabled devices. This
includes Tap on Phone,
which allows any business to deliver new and best-in-class contactless
consumer experiences by turning qualifying smartphones into acceptance
devices.
- Unlocking touchless retail shopping experiences: Verizon 5G and Mobile Edge Computing will be integrated
with Mastercard’s retail technology solutions to reduce hardware
requirements for autonomous checkout in-store, with a goal of faster
deployments and new use cases, such as mobile updates, voice and video
ordering, and more.
- Creating new ways to consume physical and digital
goods: Verizon and Mastercard will
collaborate to create a digitally motivated network that allows both firms
to insert new, innovative solutions that can entice further personalized
consumer shopping experiences. This includes potential use cases such as
access control for unattended retail stores and home door lock.
- Empowering small business digital readiness: Verizon and Mastercard will continue to explore ways
that 5G mobility, business internet and near real-time edge computing can
provide real time access to industry best practices customized for SMBs
through Mastercard’s
Digital DoorsTM curriculum, helping businesses
drive greater efficiencies and effectiveness in their online operations to
meet customer needs.
- Enhancing the bill pay experience for Verizon
customers: Verizon will tap Mastercard’s Bill Pay Exchange™ real-time messaging
network to enable enhanced, immediate communication between consumers and
billers. Bill Pay Exchange will allow Verizon to streamline bills paid
through digital banking channels, digitize paper bills and deliver a
mobile-first solution, reducing costs and enhancing the payment experience
for Verizon customers. Verizon will also leverage technology from Ethoca,
a Mastercard company, to quickly identify and resolve fraud.
“Business needs and consumer demands
constantly fluctuate. Critical components of long-term success are the ability
to remain agile and align with strategic financial and payments partners that
have the tools and capabilities to drive industries forward,” said Sampath
Sowmyanarayan, CRO, Verizon Business. “Coupling Verizon’s leading global IP
network and transformative 5G technology with Mastercard’s deep industry
expertise, leading services and solutions, and a strong commitment to innovate,
is a partnership that aligns perfectly with what we are striving to achieve at
Verizon and one that can create game-changing solutions.”
At Mastercard’s New York City Tech
Hub, located in the Flatiron District, Mastercard and Verizon will test and
embed 5G to accelerate the pace of innovation and collaboration. Together,
Mastercard and Verizon plan to explore 5G and Mobile Edge Computing technology
and use cases, while also enhancing the overall experience for Mastercard
employees.
“Emerging technology such as 5G and
Mobile Edge Computing will undoubtedly reshape how we interact with each other,
making it all the more critical for these exchanges – particularly payments –
to be trusted and anticipate further changes,” said Linda Kirkpatrick,
president, North America at Mastercard. “Through this collaboration,
Mastercard and Verizon’s platforms, which connect billions of consumers,
businesses, banks and governments around the world, will be a force in driving
transformational change.”
Source: Verizon media announcement
